ASX-listed Valor Resources has expanded its ground in the uranium rich Saskatchewan area in Canada. The two new tenements add some 20 square kilometres to the company’s existing Surprise Creek tenure, one of which comes with a historical showing of 1.2 per cent copper.
Preliminary data suggests the new plots have a similar geology to other mineralisation across the Surprise Creek project. Despite both new additions being prospective for uranium and copper, very little modern exploration has been completed since the 1980s.
Sitting on the northern edge of the Athabasca Basin, Surprise Creek may just live up to its name.
The company believes both the new holdings added to its books appear to have a ‘Beaverlodge-style’ of mineralisation. Beaverlodge mine was a high-grade uranium mine famous for its “vein type” of uranium mineralisation which was operational for over 30 years. Surprise Creek buts up against the Beaverlodge Domain, which hosts many of the area’s uranium deposits.
Valor is keen to get some boots on the ground and use further field reconnaissance whilst reviewing publicly available data to firm up some of its drill ready targets.
The Athabasca Basin is home to some of the world’s highest grade uranium deposits in the world, with uranium grades averaging 2 per cent uranium oxide more than 10 to 20 times the global average.
Valor expanding into the Athabasca Basin is strategic, with the area surrounded by both world class uranium mines coupled with significant major discoveries in recent years.
The significance of the basin can’t be underestimated as this region has produced 20 per cent of the world’s uranium needs over the past 60 years.
Valor Resources Executive Chairman, George Bauk said: “We have already identified a significant uranium drill target at Surprise Creek Fault and, with some of the geophysical surveys that we are planning to undertake in 2023, we hope to identify further uranium and copper drill targets.”
Valor is looking for uranium just as the market is reviewing its feelings about it.
Uranium explorers fell heavily out of favour with investors after the Japanese Fukushima earthquake in 2011. However, as governments push hard on net zero objectives, the importance of carbon-free emissions produced by nuclear energy is being reassessed.
The uranium oxide spot price began to move higher in August 2021 and is now 64 per cent higher at US$51 per pound today. Given uranium is on several countries “critical metals list”, this important source of energy could become a crucial element to meet net zero 2050 targets.
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